NOVEMBER 2019

GRESHAM HOUSE ASSET MANAGEMENT LTD

GRESHAM HOUSE STRATEGIC PLC

| PAGE 2

This presentation (the “Presentation”) is issued by Gresham House Asset

Management Ltd (“GHAM”), Investment Manager for Gresham House Strategic plc

(“GHS”) and Adviser to Strategic Public Equity LP (“SPE”) for information purposes

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DISCLAIMER

CONTENTS

| PAGE 3

WHAT IS STRATEGIC PUBLIC EQUITY?

INVESTMENT TEAM & INVESTMENT COMMITTEE

GRESHAM HOUSE STRATEGIC PLC

PROCESS

PHILOSPHY

PERFORMANCE

WHY INVEST NOW?

MARKET OPPORTUNITY

GRESHAM HOUSE STRATEGIC PLC - TOP 10 PORTFOLIO HOLDINGS

CASE STUDIES

CONCLUSION

APPENDIX

4

5

6

7-8

9

10

11 - 12

13 - 14

15

16 - 18

19

20 - 25

| PAGE 4

WHAT IS STRATEGIC PUBLIC EQUITY?

An alternative investment strategy that applies private equity investment processes to public companies.

Highly engaged strategy driving strategic, operational or management initiatives

Influential minority stakes

Targeting inefficient areas of public markets

Focus on intrinsically undervalued, cash generative

companies …“value approach”

Thorough diligence to identify value creation catalysts

Flexible mandate, up to 30% can be invested in unquoted

| PAGE 5

Over 30 years’ experience

in Private Equity.

Currently at Lloyd’s Banking

Group.

Previously at Banco

Santander, Aon UK Ltd, and

Catlin Group Ltd.

Bruce Carnegie-BrownInvestment Committee

INVESTMENT TEAM & INVESTMENT COMMITTEE

Tony Dalwood

Fund Manager

Investment Committee (Chairman)

Started Gresham House Asset Management in

2015. CEO of Gresham House plc. Over 23 years’

experience in Public and Private Equity.

Previously at SVG Advisers and SVGIM.

Over 25 years’ experience in Public and Private

Equity industry and advisory.

Previously at SVGIM.

Joined Gresham House in 2015.

Graham Bird

Fund Manager

Investment Committee

Over 4 years’ investment experience.

Previously at Rothschild as an intern in the M&A

team.

Joined Gresham House in 2015.

Laurence Hulse

Investment Manager

30 years’ experience in VC’

and Banking.

Co-Founder of The Garage.

Previously CEO of Gresham

House Strategic (formerly

Spark Ventures).

Tom TeichmanInvestment Committee

Over 25 years’ experience

in Private Wealth and Asset

Management.

Previously at Schroders

Private Bank.

Rupert RobinsonInvestment Committee

Investment team

Investment Committee

Richard Staveley

Fund Manager

20 years’ experience in Public Equity.

Previously at Majedie Asset Management, River &

Mercantile Asset Management (Founder) and

Societe Generale Asset Management.

| PAGE 6

GRESHAM HOUSE STRATEGIC PLC

▪ Proven team with long track record1

▪ Differentiated strategy with a concentrated and engaged approach

▪ Deep specialist public and private small-cap expertise across our investment team

▪ Over-looked opportunity set, significant hidden value

▪ Very attractive current investment environment

1. See the “STRATEGIC PUBLIC EQUITY - TRACK RECORD” slide

Specialist equity fund targeting 2xMM (15% IRR) over medium term,

through investment in inefficient areas of UK smaller companies markets.

| PAGE 7

‘Smart entry point’

▪ Self-originated or influenced transactional entry point

▪ Typically an equity issue (primary) or ‘block trade’ (secondary)

▪ e.g. Northbridge

Clearly identified investment thesis

▪ Valuation vs PE transactions and peer group/historic

▪ Capital structure and Profit growth analysis

Engagement and influence

▪ Regular management and Board dialogue, pre and post agreed plan

▪ e.g. Pressure Technologies

Catalysts and exit identified

▪ Catalysts that can be supported by a strategic investor

▪ Agreed with management teams pre-deal

▪ e.g. IMI Mobile

PROCESS (i) - QUALIFYING OPPORTUNITIES

High proportion of deal opportunities are ‘created’ by the manager as a result of strong relationships.

‘Circle of confidence’

| PAGE 8

Four stage investment process, with multiple touchpoints and Investment Committee input.

PROCESS (ii) - MODELLED ON PRIVATE EQUITY

Sourcing Due Diligence Equity value plan Management and exit

Investment

one pager

Preliminary Investment

Report

Final Investment

Report

Execution

and exit

Investment

Committee

Investment

Committee

Stage 1 Stage 2 Stage 3 Stage 4

▪ Company overview

▪ Investment thesis

▪ Initial meeting with

management

▪ Site visits

▪ Stakeholder analysis

▪ Feasibility

▪ Full Financial Model

▪ Engage IC and advisory

network

▪ Analysis sessions with

management

▪ Downside modelling

▪ Due diligence reports

▪ External research

▪ Referencing

▪ Investment reviews

▪ Thesis tracking

▪ Quarterly meetings with

management and Board

▪ Changes to estimates

▪ Engaged with advisors

Mate

rials

GHAM Network, Investor

Community, Advisers

Team discussion

Idea generation

Quantitative Screening

| PAGE 9

PHILOSOPHY - VALUE & VALUE ENHANCEMENT

We invest in companies at a discount to their intrinsic value.

Capital re-structuring

Provide funding source for growth opportunities or to

strengthen balance sheet.

Board changes

GH team or advisory network members to increased

breadth or depth of boards.

Corporate advisory

Provide advisory support on M&A, strategy, operations,

and corporate cultural matters.

Advisory network

Leverage advisory network to introduce useful contacts

for business development or advisor.

IR and PR improvements

Improve market communications and press coverage.

Introduce additional brokers and/or research.

Value creation We seek to enhance value creation via:

We target:

▪ Profit recovery and accelerating earnings growth

▪ Opportunity for rating expansion

▪ Accelerated cash generation/de-gearing

▪ Catalysts for de-risking

Source: Bloomberg data as at 30 September 2019. Based on 1070p, uses weighted

value of holdings and takes into account the discount to NAV and cash holdings

GHS portfolio metrics vs. indices

GHS currentFTSE Small

Cap

EV: sales 0.8x 1.0x

EV: EBITDA 4.3x 12.3x

Sales growth 8.9% 2.7%

EBITDA growth 26.3% N/A

Net debt: EBITDA -0.2x 2.9x

| PAGE 10

PERFORMANCE

1. 31 March 2019 to 30 September 2019

2. Inception 14 August 2015

Source: Bloomberg as at 30 September 2019

Performance 2019 Q31 Since

inception2 1 year 3 year

GHS NAV Total

Return-5.5% 32.3% 0.6% 20.8%

FTSE Small Cap

Total Return-1.2% 16.6% -7.8% 9.3%

FTSE All Share

Total Return1.2% 32.4% 2.6% 21.6%

-35%

-30%

-25%

-20%

-15%

-10%

-5%

0%

85

95

105

115

125

135

145

155

165

Aug 15 Feb 16 Aug 16 Feb 17 Aug 17 Feb 18 Aug 18 Feb 19 Aug 19

Dis

count to

NA

V

Pri

ce -

rebase

d

Relative PerformanceSince inception

GHS DISCOUNT GHS NAV per share SMXX ASX GHS share price

▪ Strong long-term track record

▪ Discount narrowed significantly under

Gresham House

▪ Maturing investment thesis driving

performance

| PAGE 11

WHY INVEST NOW? (i)

“Be greedy when others are fearful and fearful when others are greedy” - Sir John Templeton

The biggest determinant of future returns is entry

valuationUK Equities are very cheap relative to history and other

market/assets

The small companies ‘size’ effect is significant The ‘size’ discount for UK small cap is large vs history

Value factor is very out of favour,

underperformance stretched vs history Returns should mean-revert to long-term averages, implying

significant outperformance of the factor

Structural factors supporting the strategy have

intensifiedMarket focus on smaller companies deteriorated further

after poor small-cap IPO year post MiFiD 2

Woodford collapse causing some non-investment

driven sellingInvestment pipeline building

We have the resource in place to scale the

strategyInvestment Team complete

We have the capacity to exploit the opportunities The Fund, Team and Company culture is nimble

Political uncertainty is peakingBrexit outcome expected within six months. Parliamentary

and polling maths mean hard left government very unlikely

| PAGE 12

WHY INVEST NOW? (ii)

“Be greedy when others are fearful and fearful when others are greedy” - Sir John Templeton

Greed

Fear

Exit

Raise

Need liquidity

to exploit

Valuations low

Small-cap discount

Value stocks out of favour

Limited capital

Time

Valuations high

Small-cap in favour

Excess capital

Larg

eS

mall

Opport

un

ity s

et

Capital

deployment

Growth stocks in favour

Excess capital

Follow on capital

if deserved

| PAGE 13

MARKET OPPORTUNITY (i)

Smaller companies

▪ c.1000 companies with market cap <£250m

▪ Smaller companies offer higher growth rates with a liquidity discount

▪ Valuation differences persist vs Private Equity multiples

▪ Many UK small companies have significant overseas operations

Value vs growth

▪ Extended low interest rate environment has driven investors to high-growth companies

▪ Record distortion in the performance of ‘value’ style vs ‘growth’

▪ ‘Growth’ style dominates leaving recovery situations stranded - a ‘minority sport’

0.600

0.800

1.000

1.200

1.400

1.600

1.800

2.000Value vs Growth

+2 Std Dev

-2 Std Dev

+1 Std Dev

-1 Std Dev

Trend

Source: BloombergSource: Liberum

10x

11x

12x

13x

14x

15x

16x

17x

18x

'16 '17 '18 '19

FTSE 100 14.6x

FTSE 250 14.0x

Small Cap 11.1x

Small-cap stocks have sold off

sharply since March 31

| PAGE 14

20.4

10.5

5.1

3.4

1.7

0.685

1

139

185 228

702

0.0

5.0

10.0

15.0

20.0

25.0

0

100

200

300

400

500

600

700

800

> £5bn £1bn-£5bn £500m-£1bn £250m-£500m£100m-£250m <£100m

Ave

rage

nu

mb

er

of b

roke

r re

co

mm

en

da

tion

s

Num

be

r o

f co

mp

an

ies

Broker Recommendations by market cap

Ave number of analysts recommendations Number of companies in universe

Highest

number of

companies

has the

lowest

analyst

coverage

Inefficient market

▪ Lack of research for smaller companies, exaggerated by MIFID II

▪ Regulation and ‘Woodford’ is focusing some institutions up the market-cap scale; RDR, liquidity needs, ‘client suitability’

MARKET OPPORTUNITY (ii)

Source: Liberum Source: Peel Hunt - The New World of MiFIDII: Unintended Consequences. Mid

and Small-Cap Investor Survey April 2018

6x

8x

10x

12x

14x

16x

18x

20x

22x

119279

20095

7494

5357

3758

2732

2000

1585

1284

959

718

554

411

336

242

159

#N

/A#N

/A#N

/A#N

/A#N

/A#N

/A#N

/A#N

/A#N

/A#N

/A#N

/A#N

/A£100bn

FTSE All Share stocks in mkt cap order

£5bn £700m £70m

FTSE

100

FTSE

250FTSE

Small CapFTSE

AIM All-Share

£4bn

AIM stocks in mkt cap order

£20m

P/E

| PAGE 15

GRESHAM HOUSE STRATEGIC PLC -

TOP 10 PORTFOLIO HOLDINGS

1. NAV per share, cash and holdings value data as of 30 September 2019 using mid-price per share data

Cash and cash equivalents - £5.5m

Tax losses - c.£135m

Other investments - £3.0m

£8.0mSecondary - cash generation,

performance recovery and re-

rating

£2.1m Primary growth capital,

Convertible Loan Notes

£7.5mSecondary - growth and re-

rating; reinvestment of cash

flows

£1.9mPre-IPO growth capital - equity

and convertible loan note

£6.2mRecovery and growth - equity

convertible loan note £1.6mSecondary growth capital;

strategic refocus

£2.8m

Original investment through

growth capital - equity and

convertible loan note. Now

focused on integration, cash

generation and organic growth

£1.5m Primary growth capital

£2.7mSecondary recovery capital;

strategic refocus to drive organic

growth and cultural change

£1.4mSecondary - strategic refocus;

stabilisation and re-rating

NAV £44.3m (1,335.7p)1

| PAGE 16

PRESSURE TECHNOLOGIES - NEW INVESTMENT

£2.5m Secondary recovery capital to support strategic refocus.

Disposal of loss making non-core division, return focus to core

offering

Change of broker and advisers

Recruitment of new sales team

and implementation of revised sales

process and strategy

Management and Board

restructuring

Leverage GH advisory network

to support execution of

organic growth strategy

Market recovery evidenced in

company results

Implementation of incentive

scheme

Exit opportunity via market or

sale to consolidator

Value creation to realise intrinsic value Complete In progress To be completed

Investment thesis - targeting a 20% IRR

Recovery from distressed rating to historic average, scope for premium on split and sale of two divisions

Re-rating

Organic growth strategy delivers operational gearing

Earnings growth

Earnings growth to drive significant cash yield relative to Gresham House entry price

Cash generation

The story

Pressure Technologies (PT) is a specialist niche engineering business

comprised of two key divisions;

1. Precision Machined Components (PMC) supplying key metallic

components, that are destined for extreme or hostile environments in

mission critical functions.

2. Chesterfield Specialist Cylinders (CSC) - the design, manufacture and

maintenance of high-pressure gas cylinders for military and oil and

gas/marine use.

The PMC division came under significant pressure in the oil and gas

market downturn of 2014-2018, with the CSC division only just keeping the

group afloat. We had been monitoring PT through this struggle for two

years before deciding in April 2019 to invest after six months of

engagement and due diligence on the new management team’s strategy

and end-market recovery potential.

Case studies selected for illustrative purposes only to demonstrate investment strategy and are not investment recommendations.

| PAGE 17

Case studies selected for illustrative purposes only to demonstrate investment strategy and are not investment recommendations.

▪ The Manager identified Chorion as a suitable opportunity in 2003 after it was

demerged from the nightclubs business, Urbium. A new chairman, Lord Alli,

was brought in with an ambitious agenda for growth and a strategy to build the

portfolio of intellectual property rights.

‒ PE multiples suggested 8-12x EBITDA for childrens’ IP rights; Chorion on

6x

‒ Agatha Christie and Enid Blyton businesses generated recurring income

which was not valued.

▪ SVG invested at a discount by participating in a capital raise to fund growth.

▪ It became apparent that the public markets would not attribute full value for the

business & the team engaged with the board to promote the idea of taking the

business private and 3i was introduced and completed a P2P transaction.

New Chairman –

Lord WaheedAli

Provision of growth

capital to fund earnings

growth

Advisory on portfolio

transactions

Strategic review

Lead on transaction to

Private Equity (3i)

Initial primary growth capital followed by a Public to Private

Source: Bloomberg

Private transaction multiple arbitrage opportunityRe-rating

▪ Apparent that the public markets would not attribute full value for the business, evident that private equity at the time was paying higher prices than those being achieved in the public markets (6x to 8-12x)

Driven by larger portfolio funded with growth capitalEarnings growth

▪ Investment in TV & Film opportunities plus overseas sales

▪ Support a capital raising to invest in properties and to acquire new properties to expand the portfolio through an underwriting and subscription

ROCE dynamics misunderstood by the marketCash Generation

▪ High return on capital achievable was masked by a delayed return on investment, use of debt

Investment thesis

The story Value creation to realise intrinsic value

Engagement, funding and support

CHORION - HISTORIC INVESTMENT

Realisation summary

Realised money

multiple:1.2x Realised IRR: 46.5%

GREEN Δ denotes purchases, BLUE * denotes realisations

75

125

175

225

275

325

375

425

475

2003 2004 2005 2006

+ + ++

| PAGE 18

Successful renegotiation

of banking covenants

Refinancing of balance sheet

through underwritten equity issue

Engage new routes to market to

grow revenues

Support management

with board expertise

Sector recovery

▪ Northbridge manufactures specialist industrial equipment for sale and rental

and is a leading global supplier of load banks. The company’s key markets are

oil and gas and power generation.

▪ The business came under pressure at start of the downturn in the oil and gas

sector as E&P activity as well as wider capital spending (shipbuilding, power

generation, construction). As the market begins to recover we expect the

business to strengthen in line with our investment horizon.

▪ Gresham House spent over six months engaging with the management team to

support the next phase of the company’s growth plan.

NORTHBRIDGE - CURRENT INVESTMENT -

EQUITY & CONVERTIBLE LOAN NOTES1

1. CLN has an exercise price of 125p and is 3yr 3m term paying an 8% coupon

2. Bloomberg data

3. Free cashflow yield GH 2017 forecasts (operating cashflow after interest and

tax, less maintenance capex. EV based on fully diluted number of shares at 75p

and forecast net debt)

Source: Bloomberg, as at 30 November 2018

Recovery and growth capital investing alongside management

GH engagement, funding and support

Recovery from stressed rating as market improvesRe-rating

▪ Underpinned by realisable assets - attractive entry point at 60% of net asset value

▪ Multiple expansion - entry EV/EBITDA at 4.8x representing a >60% discount to peers and a low point compared to the preceding 2 years’ trading range2

Cost reductions and trading conditions improveEarnings growth

▪ Margin recovery - profit growth as margins recover to long-term average

▪ Significant costs taken out of the business during the downturn

▪ Capacity taken out of the market during the down - company positioned for pricing power in an upturn

Cash generation and significant reduction in capexCash Generation

▪ Inherently strong cash flow generation from operations - free cash-flow yield of >20%3 at GH entry price

▪ Paying down debt to increase equity value

Investment thesis

The story Value creation to realise intrinsic value

50

70

90

110

130

150

170

Nov 2015 Apr 2016 Sep 2016 Feb 2017 Jul 2017 Dec 2017 May 2018 Oct 2018

Well supported

£2.5m equity issue

to fund CAPEX as

activity picks up

Significant support with market

communications

GH additional

investment

GH engagement on

NED candidates

GH original investment

GH NED candidate

Nitin Kaul appointed

GH joint press

interview with NBI

GHS additional £2m

investment via

Convertible Loan Note

- 125p strike price

Improving sector outlook

Company acquires

additional hire fleet to

meet growing demand

Strong

interims allow

brokers to

upgrade

forecasts

Case studies selected for illustrative purposes only to demonstrate

investment strategy and are not

investment recommendations.

| PAGE 19

CONCLUSION

▪ Alignment - Gresham House plc and team members own >20% of the Fund1

▪ Experienced investment team with a strong track record

▪ Significant potential upside - from existing portfolio

▪ Investment timing attractive - compelling case for small vs large and value vs growth

▪ Specialist equity fund targeting 2xMM (15% IRR) over medium term

1. As at 30 September 2019, most recent Link Asset Services shareholder report and accounting for subsequent TR-1 notifications

| PAGE 20

APPENDIX

| PAGE 21

THE SPECIALIST ALTERNATIVE ASSET MANAGER

Gresham House is an AIM-quoted specialist alternative asset management group (GHE.LN), providing

funds, direct investments and tailored investment solutions, including co-investment.

▪ Specialist in five areas of alternative investment

▪ Growing organically and through acquisition, expanding our shareholder base, and developing our pipeline

investment opportunities

▪ Focused on shareholder value, through growth in AUM, profit margins, ROCE, and EPS

▪ Committed to operating responsibly and sustainably, building long-term value across our portfolio

1. As at 30 June 2019

REAL ASSETSSTRATEGIC EQUITY

▪ Gresham House Strategic plc

▪ Gresham House Strategic

Public Equity Fund LP

▪ LF Gresham House UK Micro

Cap Fund

▪ LF Gresham House UK Multi

Cap Income Fund

▪ Gresham House Forestry

Fund LP

▪ Forestry Partnership LLP

▪ Managed Accounts

▪ FIM Sustainable Timber & Energy

LP (STELP)

▪ FIM Forest Fund I LP

▪ FIM Timberland LP

▪ Gresham House British

Strategic Investment Fund

(BSIF) LP

▪ Hazel Renewable Energy

VCT 1 & 2 plc

▪ FIM Solar Distribution LLP

▪ FIM Windfarms 2 LP

▪ Gresham House Energy

Storage Fund (GRID) plc

▪ Wind Energy LP

▪ Managed Accounts

▪ LMS Capital plc

▪ Baronsmead VCT plc

▪ Baronsmead Second VCT plc

c.£1.9bn1

£2.5bn1

c.£0.6bn1

PUBLIC EQUITY PRIVATE ASSETS FORESTRYHOUSING &

INFRASTRUCTURENEW ENERGY

| PAGE 22

GRESHAM HOUSE INVESTMENT DEPTH,

EXPERIENCE, CLIENT SERVICES & RESOURCES

▪ Gresham House has a team of 46 investment professionals

▪ A range of other resources are centrally provided by Gresham House to enable the Investment Teams to focus on

investment origination and execution

▪ Gresham House has a team of 58 supporting the ongoing investment activities

As at 30 October 2019

Number of

team

members

Responsibilities

Technology,

Operations and

Support

21Broad based support team to

assist across multiple tasks.

Sales and

Marketing9

Investor relations and other

client support functions.

Finance, Legal,

Risk and

Compliance

26

Central support to provide

consistent reporting and group

management. Central risk and

compliance oversight supported

by industry expert service

providers.

Technology, Operations and Support

Sales and Marketing

Finance, Legal, Risk and Compliance

21Full-time

team

9Full-time

team

22Full-time

team

4Intern/part-time

team

47Investment

Professionals

| PAGE 23

TRACK RECORD

Fund Years Track Record

Gresham House Strategic plc

(“Closed Fund II”)2015 - present NAV per share total return 42.0% since inception

2vs 19.8% for SMXX

Gresham House

Strategic Public Equity LP (“LP Fund III”) 2016 - present Money Multiple 1.38X, IRR 17.5%

2

Strategic Equity Capital plc

(“Closed Fund I”)2005 - 2010 11% IRR since 2007

3

Schroder Ventures

Strategic Recovery Fund II (“LP Fund II”)2006 - 2011

6% net IRR4

(06 Vintage). Remaining equity investments distributed to LPs in

specie5: E2V plc +78%, Journey Group plc +34% and Lavendon Group plc

+12%

Schroder Ventures

Strategic Recovery Fund I (“LP Fund I”)2003 - 2006 46% net IRR

4(03 Vintage)

Schroder Ventures UK Focus Fund 2003 - 2010 78% total return 2003 - 2010 vs 14% for SMXX6

Philips & Drew (UBS) UK Equity Fund 1999 - 2002 Top Quartile vs CAPS UK Equity Median

Twenty years of investment experience, over 15 focused on ‘strategic equity’ investing.

▪ Five consecutive funds following SPE strategy have all outperformed by an average of 11.5% per annum1

Blue highlighted rows represent the funds in the SPE Strategy.

Past performance is not necessarily indicative of future results, and there can be no assurance that the fund will have comparable results or that the fund will be

able to implement its investment strategy or achieve its investment objective.1. Average annual outperformance against FTSE Small Cap (Excluding investment trusts) Index across 5 funds totally £221m spanning periods from 2003 to 2019. Performance measured over life of

fund/period relevant to the investment team’s involvement

2. Gresham House/ Fund administrators calculations to 30 June 2019

3. Gresham House Asset Management Limited calculations excluding dividends 7yr IRR from 2007 when SEC became fully invested to 2014, including period subsequent to the departures of Graham

Bird (February 2009) and Tony Dalwood who left SVG in March 2011 having stepped down from the SEC Plc Investment Committee, moving to non-executive Chairman of SVGIM on 30 September 2010

4. GVQIM website

5. Bloomberg data (total return since 30 July 2013 when SRF II wound up through to 30th July 2015) - SEC Plc continues to follow an SPE style of investment and demonstrates the success of the

strategy over the investment cycle6. Bloomberg data - total return. Tony Dalwood left SVGIM in March 2011 therefore data tracked for UK Focus Fund from August 2003

(July inception) - 31 December 2010

| PAGE 24

GRESHAM HOUSE STRATEGIC PLC -

SHAREHOLDINGS1

1. As at 30 September 2019, most recent Link Asset Services shareholder report and accounting for subsequent TR-1 notifications

Shareholders %

Gresham House plc 22.9%

M&G Investments Management Ltd 12.0%

Smith & Williamson Investment 6.6%

Unicorn Asset Management 5.6%

Hargreaves Lansdown Asset Management 5.4%

Miton Asset Management Ltd 5.1%

Alliance Trust Savings 3.2%

Berkshire County Council 3.0%

Investec Wealth & Investment 2.5%

River & Mercantile Asset Management 2.3%

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JOINT VENTURE WITH

ABERDEEN STANDARD INVESTMENTS

▪ Announcement of a Joint Venture between Gresham House plc and Aberdeen

Standard Investments (ASI)

▪ Joint Venture targeting the launch of a new fund utilising Gresham House’s top-

performing1 Strategic Public Equity (SPE) investment approach

▪ Seeking to capitalise on identifiable opportunity from;

– Inefficiencies and valuation dislocations in UK / European smaller companies markets

– MIFID II regulation and associated lack of research driving opportunities for superior

returns

▪ Leveraging proven expertise and successful track record of Gresham House

SPE team1 alongside ASI’s global distribution and product development

capabilities

▪ ASI alignment of interests through strategic 5% equity shareholding2 in Gresham

House plc

▪ Key benefits include enhancing credibility of Gresham House as leading

alternative asset manager, growing AUM and broadening the investor base for

SPE strategy plus other investment divisions in future

1. GHS plc the No.1 Smaller Company Fund over 12 months, including all closed and open-ended funds - source FE Trustnet and Moningstar as at 31 December 2018

SPE LP performing strongly, significantly ahead of its target returns

2. 5% of enlarged share capital post subscription